Over the past decade, telco giant Safaricom has undergone a shift in its revenue model, transitioning from a voice-centric telco to a data and mobile money-driven tech company.

Messaging services, another traditional revenue stream, added , while mobile data was still nascent at . At the time, voice and messaging accounted for over of service revenue.

Voice revenue peaked at in FY2016, but has since experienced stagnation and decline—falling to in FY2025. This structural slowdown is attributed to pricing pressure, market saturation, and the migration to Over-The-Top (OTT) platforms such as WhatsApp.

By FY2025, voice only contributes of total revenue, down from in FY2012.

The real game-changer came with the exponential growth of M-PESA, launched in 2007. From in FY2012, M-PESA revenue has surged to in FY2025—representing a . It now contributes over of total revenue.

M-PESA’s success stems from its wide usage—enabling millions to send money, pay bills, borrow, and save without formal banking. The COVID-19 pandemic further accelerated this shift to digital finance.

Mobile data revenue rose from in FY2012 to in FY2025—a . Growth was modest early on but surged post-2016 with widespread 4G, affordable devices, and increased home internet usage.

By FY2025, mobile data contributes of total revenue, making it the second-largest segment after M-PESA.

Messaging and Fixed: Mixed Signals

Messaging revenue declined from in FY2012 to in FY2025. Despite some growth in the mid-2010s, it’s been displaced by internet messaging platforms.

Fixed-line and wholesale transit services, on the other hand, rose steadily to in FY2025, driven by enterprise and broadband services.

Safaricom’s total revenue increased from in FY2012 to in FY2025—more than . More importantly, the revenue mix radically transformed:

• : From under 25% to over 60% of total revenue

Safaricom’s evolution wasn’t without cost. Direct costs, expected credit losses, and operating expenses rose sharply—from KSh 83 billion in 2021 to over KSh 112 billion in 2025. However, its EBITDA in FY2025 hit KSh 172.2 billion, underscoring its strong profitability.

The Telco’s journey from a traditional telco to a digital enabler reflects Kenya’s tech evolution. Today, growth is powered not by airtime sales, but by financial transactions, data consumption, and platform innovation. With strong free cash flow and strategic expansion into fintech, broadband, and enterprise, Safaricom is redefining the future of telecom in Africa.